Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 28, 2023
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Takaaki Fukunaga, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Yuji Kamo, Head of Ichigo OfficeTel: +81-3-3502-4891

Receipt of Shareholder Proposals
Ichigo Office received shareholder proposals yesterday, as detailed below.
As announced in the April 21, 2023 release “Schedule of Extraordinary Shareholder
Meeting” and April 25, 2023 release “Date of Extraordinary Shareholder Meeting,”
Ichigo Office is scheduled to hold an Extraordinary Shareholder Meeting (EGM) on
June 23, 2023 based on a March 17, 2023 request from Berkeley Global, LLC, ashareholder of Ichigo Office, proposing amendments to Ichigo Office’s Articles ofIncorporation and appointments of an Executive Director and Supervisory Director.
Yesterday’s shareholder submission seeks to add the following meeting proposals to theEGM agenda.
1. Proposing Shareholder
Ichigo Trust Pte. Ltd.
1 North Bridge Road, 06-08 High Street Centre, Singapore 179094
Director: Navaid Ejaz Farooqi
Ichigo Trust has owned 1% or more of Ichigo Office shares continuously for more thansix consecutive months and is Ichigo Office’s largest shareholder.
2. Overview of the Proposals(I) EGM Proposals
a. Amendment to the Articles of Incorporation (Amend NOI & Dividend Performance Fee)b. Amendment to the Articles of Incorporation (Amend Gains on Sale Performance Fee)c. Amendment to the Articles of Incorporation (Amend Gains on Merger Performance Fee)d. Amendment to the Articles of Incorporation (Amend Gains on REIT TOB SalePerformance Fee)e. Appointment of Takafumi Kagiyama as Executive Director
f. Appointment of Yuji Maruo as Supervisory Director
g. Amendment to the Articles of Incorporation (Change upper limit on Director
compensation and add Director compensation shareholder approval requirement)h. Amendment to the Articles of Incorporation (Introduce upper limit on number of Directors)1(II) Reason for Proposals“Ichigo Trust has been Ichigo Office and its predecessor’s largest shareholder for over
14 years since 2008. A long-term, Japan-only investor with an ESG and engagement
focus, Ichigo Trust supports sustainable growth and shareholder value growth at its
investee companies. Its mission is to contribute to society via its investments.
J-REIT shareholders have a shared interest in maximizing the dividend and share price.
Ichigo Office’s long-term returns have met this expectation, significantly outperforming
the TSE REIT Index. As of March 17, 2023, the date of Berkeley Global’s EGM
convocation request, Ichigo Office’s one-year, three-year, and ten-year total returns
were +9.73%, +46.97%, and +129.23%, respectively. Ichigo Office’s outperformanceversus the TSE REIT Index (total return basis) over the same one-year, three-year, andten-year periods was +13.11%, +17.16%, and +62.52%, respectively.
In addition to Ichigo Office’s performance, Ichigo Trust has deep trust in Ichigo
Office’s shareholder-aligned asset management philosophy and execution, and supportsIchigo Office’s no fixed fee, performance fee-only asset management fee structure tomaximize long-term shareholder value.” (Japanese original, Ichigo Office translation)
3. Ichigo Office Proposal Consideration and Response
Ichigo Office and Ichigo Investment Advisors will carefully review the proposals andpromptly disclose a response.

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